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Kalshi’s ambition extends far beyond winning prediction markets. It wants to become the largest exchange on Earth. John Wang joins David to explain Kalshi’s regulated crypto-perps push, upcoming gold and silver markets, international expansion, and the strategy for turning retail event contracts into serious institutional hedging infrastructure.

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TIMESTAMPS

0:00 Is Kalshi a Crypto Company?
3:56 Global Expansion and the Regulated Edge
14:55 The Regulated Perps Bet
21:38 Combining Perps and Predictions
27:51 The Insider Trading Problem
38:50 Who Owns Market Information?
45:58 From Sportsbooks to the CME
55:24 Prediction Markets for Institutions
1:02:40 Kalshi Versus Polymarket

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RESOURCES

John Wang
https://x.com/j0hnwang

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Not financial or tax advice. See our investment disclosures here:
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Robotics hype is everywhere, but are humanoids actually the main event? Lux Capital partner Shahin Farshchi joins David to explain why the bigger opportunity may be AI-powered automation hiding inside factories, warehouses, and other industrial settings.

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TIMESTAMPS

0:00 Is the Robotics Hype Justified?
2:02 Why Humanoids Aren’t the Main Story
8:14 Robotics vs. Automation
12:20 Specialized Robots vs. Generalists
19:24 Making Robotics Accessible
22:25 AI Unlocks New Robotic Tasks
24:52 Robotics’ Internet Moment
27:52 Robots, Jobs, and Cheap Labor
31:28 What Automation Does to the Economy
39:07 What Still Holds Robotics Back
42:30 How AI Actually Powers Robots
50:49 The Robotics Data Bottleneck
53:34 Robotics Companies to Watch

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RESOURCES

Shahin Farshchi
https://x.com/Farshchi

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Not financial or tax advice. See our investment disclosures here:
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Bitcoin may be entering a new cycle just as the Treasury starts pushing back on rising yields. Ryan and Haseeb break down the Bessent Put, the return of the debasement trade, Coinbase’s tokenized stocks push, Ethena’s token reset, and whether AI is starting to consume the world’s capital.

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TIMESTAMPS & RESOURCES

0:00 Intro

0:31 Crypto Energy Shift & Bitcoin’s New Cycle

https://x.com/hosseeb/status/2091945147357675623

https://www.theblock.co/news/markets/2026-08-23-bitcoin-record-weekly-dollar-gain-412547

5:55 The Bessent Put

https://www.cnbc.com/2026/08/24/bessent-1-trillion-treasury-general-account-bond-buybacks.html

https://x.com/DeItaone/status/2091852135675658265

https://x.com/CGasparino/status/2091918792146247833

14:11 Druckenmiller vs. Bessent

https://x.com/NickTimiraos/status/2092023686148817227

23:31 Debasement Trade Returns

https://www.cnbc.com/2026/08/26/debasement-trade-to-take-bitcoin-to-300000-in-2029-bernstein-says-.html

https://x.com/TimmerFidelity/status/2092991527127789913

https://x.com/fundstrat/status/2091895628003528804

30:03 Coinbase Tokenized Stocks

https://x.com/base/status/2091918696620896485

41:14 Ethena’s Token Reset

https://x.com/EthenaFndtn/status/2092976592738001383

https://x.com/hosseeb/status/2090828427574268023

53:59 AI Capital Hunger

https://x.com/RaoulGMI/status/2092704327227867585

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures

Wall Street wants to come onchain, but public-by-default finance creates a problem institutions cannot ignore. ETH Systems co-founders Mo Jalil and Oskar Thoren join David to explain why privacy may be one of Ethereum’s biggest institutional unlocks, what banks and asset managers are actually asking for, and why the opportunity goes far beyond private payments.

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TIMESTAMPS

0:00 ETH Systems
1:34 The Founders
5:28 Institutional Privacy
12:43 Real-World Use Cases
21:19 From Bespoke to Scalable
30:22 Building the Product
33:40 Institutions Are Coming
35:40 The Future of Institutional DeFi
40:24 Privacy vs Transparency
46:51 What Ethereum Can Do?
49:54 Cypherpunks and Institutions

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RESOURCES

Oskar Thoren
https://x.com/oskarth

Mo Jalil
https://x.com/motypes

EthSystems
https://x.com/eth_systems

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Not financial or tax advice. See our investment disclosures here:
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The stock market is coming onchain. Jesse Pollak joins David to unpack Coinbase Tokenized Stocks, a new push to bring one-to-one equities onto Base with 24/7 trading, dividends, governance rights and permissionless onchain composability. They explore what happens when stocks plug directly into DeFi, why borrowing and lending may matter more than trading itself, how neobanks could evolve into global brokerages, and Jesse’s bigger vision for Base as the financial backend for stocks, payments, credit and local currencies around the world.
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TIMESTAMPS
0:00 Coinbase Brings Tokenized Stocks to Base
5:17 Permissionless Stocks and the First Assets Going Live
10:11 Plugging Stocks Into Base DeFi
17:52 From Tokenized Stocks to Neo Brokerages
23:32 Crypto as a Global Financial System
27:20 What Builders Can Create With Onchain Stocks
32:04 Bringing Every Currency Onchain
42:47 Jesse’s Role at Base and the Everything Exchange
49:50 Tokenized Stocks Beyond Base
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RESOURCES
Jesse Pollak
https://x.com/jessepollak
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Not financial or tax advice. See our investment disclosures here:
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